Malta - A great place to see the history and the present interchange right before your eyes. Also, a great place to start a small business and profit from the great location and generally beneficial laws. Setting up a sole proprietorship in Malta is not very difficult, but there are a few steps to follow. This is why we have created a straightforward guide that will help you establish your business as fast as possible.
Disclaimer: Be aware that this article is not a substitute for legal advice. Please always check official websites or seek legal advice before you take action.
Register your business
Before you head for the City Hall to officially register your sole proprietorship, you will need to take care of some basic details. The registration itself is fairly easy, and it will only take a few days. The process is a bit more difficult for foreign residents trying to set up a business in Malta, as they will have to register for a social security number before they can start a business.
Registration process for a sole proprietorship consists of:
- Choosing a name for your business
- Opening a bank account
- Acquiring necessary permits and licenses
- Registering for VAT
Choosing a name for your sole proprietorship
Even though you can operate under your legal name, it is usually recommended to pick a different one for your business, as it could increase your credibility. First you will need to check whether your chosen name is available with the Malta Business Registry.
Setting up a bank account for your sole proprietorship
The next thing on your agenda should be opening a bank account for your business. Malta requires you to have a separate account for your business, whether it is a sole proprietorship or not. So, make sure you have a bank account prepared before you go to register your sole proprietorship.
Permits and licenses: Registering with the right authorities
After you register your company with the Maltese Business Registry, there are still a few things you’ll need to take care of before you can start doing business. First, you will need to get an income tax number. This will be the beginning of the official registration process.
Next, depending on your business and the industry you conduct business in, you might need to apply for special licenses or permits. You can check what particular licences you might need for your specific business at the Department of Commerce of Malta website.
Keep in mind that if you are not a citizen of Malta, there are additional steps you should take before you can register your sole proprietorship and start doing business in Malta. First of all, you will need to acquire a social security number which will allow you to register your company. You can do this online by visiting the official government website of Malta. Additionally, any third country nationals (outside of EU/EEA or Switzerland) are required by law to get a work permit before they can conduct business in Malta.